TruGolf Reports Third Quarter 2025 Results: Strong Margins, Strengthened Balance Sheet, and Expanding Contract Revenue Supports Long-Term Growth Strategy

Salt Lake City, Utah, Nov. 17, 2025 (GLOBE NEWSWIRE) -- TruGolf Holdings, Inc. (NASDAQ: TRUG), a leading provider of golf simulator software and hardware, today reported its third quarter 2025 results.

Third Quarter 2025 vs. Third Quarter 2024:

Financial Highlights

Operational Highlights

“Q3 marked a pivotal quarter for TruGolf as we completed the restructuring of our balance sheet, regained full NASDAQ compliance, and positioned the company for growth in 2026.” Said Chris Jones, CEO and Director of TruGolf. “Today TruGolf’s underlying fundamentals are stronger than they have been since going public, we are now operating with a capital structure free of short-term debt pressure, strong liquidity and a positive equity base. We expect to maintain sufficient cash to fund operations for at least 12 months and anticipate renewed growth momentum in 2026 as new product lines begin contributing revenue. We believe our share price does not yet reflect the progress achieved or the opportunity ahead, and we remain confident that operational execution and strategic visibility in 2026 will unlock meaningful shareholder value.”

In the quarter, the Company experienced significant professional fees ($0.4 million) in connection with regaining compliance with Nasdaq listing requirements. At the same time, it recognized large development costs ($0.2 million) and increased contract labor costs ($0.3 million) associated with refreshing its product and software offerings. Additionally, top line sales were reduced in the quarter by ($2.1 million) as compared to 2024’s quarter primarily due to a change in our policy for recognition of sales of product licenses. This change has also led to an increase in deferred revenue.

Gross margin for 2025’s third quarter was 69.3% as compared to 69.1% in 2024’s quarter and a major improvement from 2025’s second quarter of 44.4% as performance returned to historic levels. 2025’s third quarter loss from operations was higher at ($1.1) million as compared to profits of $0.9 million in the 2024 period, driven largely by SG&A costs in the third quarter due to the previously mentioned higher professional fees in connection with regaining NASDAQ compliance, higher costs of contract labor used in connection with product upgrades and increased amortization of capitalized software. Somewhat offsetting these higher operating expenses was a $1.1 million decrease in salaries, wages and benefits due primarily to an increase in salaries being capitalized for time spent on developing new versions of the Company’s platform software.

Net losses increased to ($7.3) million for 2025’s third quarter, versus a net loss of ($0.06) million in the 2024 period, driven most notably by the losses from extinguishment of $6.1 million in debt in the quarter and the associated recognition of interest expenses associated with the exchange of convertible notes for Series A Preferred shares and warrants in the period as well as $0.4 million in professional fees and related expenses associated with regaining compliance with Nasdaq listing standards.

Interest expense in the third quarter of 2025 declined by $0.8 million due to exchange of outstanding convertible notes. The convertible note exchange in the third quarter resulted in the previously mentioned ($6.1) million loss on extinguishment of debt. The Company’s liabilities declined by $3.3 million in the quarter to $16.7 million.

Disclaimer on Forward Looking Statements

This news release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements that are not of historical fact constitute “forward-looking statements” and accordingly, involve estimates, assumptions, forecasts, judgements and uncertainties. Forward-looking statements include, without limitation, the ability of the Company to fund its operations for 12 months and the success of the rollout of its new products. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. The Company has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors. Any forward-looking statements contained in this release speak only as of its date. The Company undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in the Company's Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC's website, www.sec.gov

About TruGolf:

Since 1983, TruGolf has been passionate about driving the golf industry with innovative indoor golf solutions. TruGolf builds products that capture the spirit of golf. TruGolf's mission is to help grow the game by attempting to make it more Available, Approachable, and Affordable through technology - because TruGolf believes Golf is for Everyone. TruGolf's team has built award-winning video games ("Links"), innovative hardware solutions, and an all-new e-sports platform to connect golfers around the world with E6 CONNECT. Since TruGolf's beginning, TruGolf has continued to attempt to define and redefine what is possible with golf technology.

TRUGOLF HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

TRUGOLF HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.

TRUGOLF HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

The accompanying footnotes are an integral part of these unaudited condensed consolidated financial statements.